Vintage MCM Christmas wall hanging NOEL red and gold with bells and bow

This is a great vintage 50's Christmas wall hanging; it is red velvet with gold letters and bells with a glittery bow; I am not sure if there was something in the center of the bow when it was new; see pics. Measures 23 1/2" x 3 1/2"; a great addition to a home where you decorate with vintage Christmas decor. Made in Japan.